Melbourne Property Market Update - October, 2013

01/11/2013 12:47

Melbourne's housing market recorded the second-highest month-on-month gain with a 2.4 percent lift in values over September. Since the market bottomed out in May last year, dwellings values have risen by 9.6 percent, however the Home Value Index is showing Melbourne dwelling values are still 1.9 percent lower than they previousy peaked back in October 2010. With the growth trend for Melbourne remaining firm it's highly likely that local values will move to a new historic high before the end of 2013. Melbourne rents are up by about 2 percent over past year and gross yields which are the lowest of any capital city are seeing further erosion as capital gains outpace rents. At the moment there is 40% reduction in stamp duty in Victoria, however limits on property value apply. Use stamp duty calculator Victoria to calculate your stamp duty...